The Global Market for Fragrances and Perfumes is Projected to Reach US$51 Billion by 2022

Growing Popularity of Premium, Niche & Innovative Fragrances and Perfumes to Outline Growth in the Global Fragrances and Perfumes Market, According to a New Report by Global Industry Analysts, Inc.

GIA launches comprehensive analysis of industry segments, trends, growth drivers, market share, size and demand forecasts on the global Fragrances and Perfumes market. The global market for Fragrances and Perfumes  is projected to reach US$51 billion by 2022 driven by strong demand in emerging markets, product innovations, and trends such as popularity of niche and artisan brands and trading up of consumers from mass fragrances to prestige versions.

Fragrances and perfumes today represent a mainstream business in the cosmetics and toiletries industry. Fragrances have emerged as an indispensable part of personal grooming, complements the consumer’s need for expressing individuality and personal style.  Besides personal grooming, replenishment, impulse purchases and e gift purchases comprise the key drivers to market growth. Innovative product launches and creation of specialized fragrances ranging from light, flower smells to solid musky, woody notes continues to shape growth in the market.  Future growth is also expected to be fueled by growing popularity and affordability of customized fragrances, increasing popularity of retro fragrances, and the evergreen demand for natural fragrances. The market is also expected to benefit from improved access to international brands in emerging markets. Online channel is further influencing sales in the market with the advent of perfume blogs and social media that are bringing forth both popular and less prevalent smaller brands to fore.

For several years, women’s fragrances have been leading the market, resulting in product developments and diversifications. However, men’s fragrances provide the market with immense growth opportunities, a trend which is already gaining momentum. Niche fragrances are emerging as a high growth segment in the global prestige fragrance market with luxury fashion houses venturing into fragrance brand extensions. A notable trend in the market is trading up of consumers from mass fragrances prestige versions. Incremental growth in the market is expected to mainly emerge from niche and artisan brands as consumers look out for fragrances with more unusual smell. Emergence of unisex fragrances is expected to drive further growth. In the coming years, organic and natural fragrance products are expected to gain increased market presence. Another trend gaining vsisbility is that of customized perfumes wherein outlets are offering shoppers bespoke scent services to create new scents to suit the occasion.

As stated by the new market research report on Fragrances and Perfumes, the United States and Europe account for more than half of the global market. The Middle East and Asia-Pacific represent the fastest growing markets, with CAGR of 7.3% and 7.1%, respectively. The growth in these markets is led by changing lifestyle trends, rapidly improving social and economic environment, expanding young population, and improving access to international brands.

Key players covered in the report include Avon Products Inc., Bulgari Parfums, Chanel SA, Coty Inc., Estée Lauder Companies Inc., Gucci Group NV, Gianni Versace S.p.A., L’Oreal SA, LVMH Group, Procter & Gamble, Puig Beauty & Fashion Group, and Revlon Inc., among others.

The research report titled “Fragrances and Perfumes: A Global Strategic Business Report” announced by Global Industry Analysts, Inc., provides a comprehensive review of the market, current market trends, future prospects, key growth drivers, issues and concerns, new product launches, and other strategic industry activities of major global and regional players. The report provides market estimates and forecasts in US$ major geographic markets including the US, Canada, Japan, Europe, Asia-Pacific, Middle-East, and Latin-America. Product categories analyzed in the report include Women’s Fragrances & Perfumes, Men’s Fragrances & Perfumes, and Unisex Fragrances & Perfumes.

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